By Graham Hacche (auth.)
Read or Download The Theory of Economic Growth: An Introduction PDF
Similar comparative books
Global Corruption Report 2007: Corruption in Judicial Systems
An exam of ways, why and the place corruption mars judicial approaches.
The Unauthorised Agent: Perspectives from European and Comparative Law
The focal point of this booklet, the felony scenario created while an agent acts with no authority, is likely one of the most crucial matters in enterprise legislations. The research is split into 3 sections: obvious authority, ratification and the legal responsibility of the falsus procurator. Adopting a different comparative viewpoint, the contributions are drawn from many various criminal platforms, supplying the chance for research of the ecu universal law/civil legislations divide.
- Vertebrate Fetal Membranes: Comparative Ontogeny and Morphology; Evolution; Phylogenetic Significance; Basic Functions; Research Opportunities
- Questioning Excellence in Higher Education: Policies, Experiences and Challenges in National and Comparative Perspective
- Concepts of Ecosystem Ecology: A Comparative View
- Comparative Neurology of the Telencephalon
- Conflict of Laws (Question & Answers)
Additional resources for The Theory of Economic Growth: An Introduction
Sample text
Output (Y) and the capital stock (K) are measured unambiguously in terms of this good. (iv) There are two factors of production, capital (K) and labour (L), each of which is homogeneous. In particular, capital does not depreciate, and all capital goods in use are the same. 1) (vi) Capital is perfectly malleable, so that the capital-labour ratio is perfectly flexible. 2) 38 Neo-Classical Growth Theory which is a non-negative function defined for all positive K and L, and which is twice continuously differentiable.
One maintained that the introduction of the neoclassical production function, and the variability of factor proportions which it allowed, pointed towards a mechanism whereby v could take on the value required for equilibrium growth. The other school objected to this argument but introduced the notion of a saving function which differentiates between the saving propensities attached to different kinds of income, and suggested that the distribution of income could adjust so as to enable the saving propensity of the community as a whole, s, to take on the value required.
Thus a stationary state may be regarded as a special case of steady growth (with growth rate zero); and steady growth may be regarded as 'semi-static' (Hicks, 1965, p. 14), or 'quasi-stationary' (Hahn, 1971, p. viii), or 'semistationary' (Bliss, 1975). Since in steady growth the growth rates of all aggregates (other than the labour force) are not only constant but equal, structural change is necessarily excluded. Every form of income, every form of expenditure and every form of output grows at the same rate.